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Fundamental Analysis

Gold gave up gains and finished lower

7/8/2016 8:13:16 AM

Gold gave up gains and finished lower   After trading higher in the Asian session gold gave up gains and finished lower for the first time in seven sessions as it found the resistance at the $1,370 level to be too stiff to get past.  It was a day in which risk aversion declined and profit taking emerged for gold.  In today’s Asian session gold is continuing lower, though it is off its session lows at the $1,355 level. 

GBP/USD tried to climb up

7/8/2016 8:12:02 AM

GBP/USD tried to climb up   The GBP/USD tried to climb above the 1.3000 level for a second consecutive day Thursday and was rejected.  By the close the pair was lower for the day, giving us a bearish shooting star.  Today in Asian trade the pair is heading higher, remaining above the 1.2900 level as we are getting a tight range for the pair heading into next week.

USD/JPY traded lower again

7/8/2016 8:05:43 AM

USD/JPY traded lower again   The USD/JPY traded lower yet again Thursday and closed the session below the 101.00 level for the first time since November 2013.  Safe haven buying in the Yen has the pair continuing lower in Friday’s Asian session as it looks like the pair will test the psychologically important 100.00 level.  A break of this level could also spark Bank of Japan intervention, so it is being closely watched.

USD/JPY gapped lower

4/19/2016 7:13:29 AM

USD/JPY gapped lower   The USD/JPY gapped lower at the open on safe haven demand, but soon reversed and headed higher after Japan released a disappointing third quarter GDP report.  Analysts were expecting a 0.2% contraction, but Japan reported a 0.8% contraction, putting the country back in recession for the second time in two years.  Traders responded by sending the USD/JPY back above the 123.00 level and it should continue higher as the weak GDP points to further easing ...

AUD/USD surged higher

4/19/2016 7:12:17 AM

AUD/USD surged higher   After falling early in the session the AUD/USD surged higher yesterday, blasting through the former resistance at the 0.7700 level.  The pair traded as high as the 0.7775 level and ended the day just 7 pips off its high.  Today in Asian trade the pair continues to gain, but hasn’t yet reached the 0.7800 level to test it for resistance.

EUR/USD show signs of breaking lower

11/24/2015 7:59:23 AM

EUR/USD show signs of breaking lower   The EUR/USD continues to show signs of breaking lower as it dropped below the 1.0600 level Monday intraday, but was able to recover and close nearly unchanged on the day.  With the U.S. ready to raise interest rates and the European Central Bank indicating it is ready to ease there is little chance of seeing a recovery in this pair any time soon.  We see it continuing to grind lower, and if we do get the U.S. rate hike in December should ...

Gold headed lower Monday

11/24/2015 7:44:28 AM

Gold headed lower Monday   Gold headed lower Monday, testing the $1,065 area and once again finding support there.  It’s a key area for gold, and if we get a break below this level we could see a decline to the $900 level.  With both the technical posture and outside markets remaining fully bearish we think this could be increasingly likely.  Crude edged lower after a volatile trading day that saw the commodity swing by nearly $3 during the session.  As crude ...

USD/JPY saw volatility

11/2/2015 7:41:29 AM

USD/JPY saw volatility   The USD/JPY saw volatility following the Bank of Japan monetary policy statement, in which they held firm on their current policy.  The pair dropped sharply immediately following the release of the statement, but then turned higher within 30 minutes, Recovering all the losses and moving up to the 121.75 level.  The pair fell off those highs to end the day at the 120.50 level and can be expected to continue trading around the 120.00 handle this week.

Gold resumed its downward momentum

10/22/2015 8:00:37 AM

Gold resumed its downward momentum   Gold resumed its downward momentum Wednesday, breaking below support at the $1,170 level as profit taking continued and outside markets turned bearish.  While gold remains in a technically bullish stance, we are closely watching for a break of the $1,155 level that could see gold dropping back to support at the $1,125 level.  Crude dropped following a much larger than expected rise in U.S. inventory levels.  The fall took crude down ...

Crude plummeted Monday

7/7/2015 9:13:25 AM

Crude plummeted Monday Crude plummeted Monday on a combination of demand concerns stemming from the failure of Greek voters to accept the proposed bailout package, and a report from OPEC showing production there is at the highest levels since 2012.  Crude lost nearly 8% on the day, dropping below support at the $54 level.  With a band of support for crude all the way down to $50 we could get a bounce, but the resistance at the $54 level should be difficult to overcome.  Gold gained ...